How long do banks etc. keep their own records?

[Deleted User]

Hi,

It is now a few months past the 6 years of my IVA acceptance date, (I completed the IVA after 13 months of being in it).

I have managed to clear up Experian, Equifax, and Noddle, so none of my previous defaults now show.

The credit rating of all 3 is also shown as excellent.

I have had a Vanquis credit card for 2 years and always paid in full, a mortgage that I have NEVER defaulted on, and a basic current account that I have kept in credit for the past 6 years.

Trouble is that I have just been turned down for an ordinary current account and a credit card.

Just wondered if the banks keep their own records, and if so for how long?

zxspeccy

It all depends on what type of records you are talking about and whether these are active or not. Banks have a legal obligation to store customer records for minimum time periods. Some banks hold records for longer than the law requires, others just store records for the bare minimum time.

Using statements as an example then I believe (but could be wrong) that banks have to keep these records for a minimum of three years, however I know of banks where you can get copies of statements going back six years or more. It all depends or how good their systems are and how much data they can hold. A lot of paper records are destroyed in a matter of months, with electronic copies being stored instead. If the paperwork is required for a legal purpose then the bank would provide a copy and “certify” it a true copy of the original.

I would suggest you ask your bank direct, and if you require copies/reprints of the data then they may also charge you for this.

Brock_and_Roll

Also many financial institutions ask on credit applications whether "the borrower has ever been bankrupt or made an arrangment with his creditors" or words to that effect. If you had had an IVA or a bankruptcy in the past, and you do not mention this you are potentially comitting fraud which they might subsequently discover.

[Deleted User]

The on-line applications didn't ask anything about bankruptcy or anything similar.